Home Loans Online Application | Bank of Melbourne

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Do it your way

Get your home loan online, over the phone or face-to-face. Whatever suits you.

Paperless process

Paperwork. Yuck. Use our step-by-step online process to apply instead.

Get your own rate

We'll personalise an interest rate to you as soon as you finish your application.

Ask us anything

Not a home loan expert? Don't worry - we are. Ask our Concierge today.

Start your application online

Learn how much you could borrow.

Receive indicative approval in under 15 minutes.

Our Concierge will call you once you've submitted your application to help handle the rest of the process.

Fixed Rate Home Loan

One low rate, fixed from 1-3 years.

For New Owner Occupier (Principal & Interest) Advantage Package Home Loans^#, $395 annual package fee applies. LVR⁺ above 60% up to 80%. These rates do not apply to existing fixed rate loans.

2.24% p.a. 1 year fixed rate	3.53% p.a. Comparison rate^*
2.24% p.a. 2 year fixed rate	3.45% p.a. Comparison rate^*
2.24% p.a. 3 year fixed rate	3.38% p.a. Comparison rate^*

^{T&C's apply. See comparison rate warning.}

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$3k cashback for switching to us

$2k

Cashback^
Per property refinanced

For new Owner Occupier with Principal & Interest repayments and Investment loans. Available on our Basic and Advantage Package home loans, with a $395 annual package fee. $250k min loan per property refinanced. Excludes refinances from within Westpac Group. Apply by 30 Sep 2020, and settle by 30 Nov 2020. Only 1x $2k cashback per property refinance will be paid regardless of the number of loans involved.

Looking to refinance?

+$1k

Bonus cashback^
New Owner Occupiers
applying online

Owner Occupier? Get two bites of the cherry if you apply online, for new Owner Occupier with Principal & Interest repayments. Available on our Basic and Advantage Package home loans, with a $395 annual package fee. $250k min loan per property refinanced. LVR up to 80% at time of approval. Excludes refinances from within Westpac Group. Apply by 27 Aug 2020, and settle by 30 Sep 2020. T&Cs and exclusions apply. Only 1x $1k bonus cashback will be paid regardless of the numbers of customers, properties or applications involved ^{^}.

What else do I need to know?

^How does the refinance cashback offer work: Credit criteria, fees and charges apply. Terms and conditions available at Bank of Melbourne. $2000 Refinance Cashback per property for new refinance applications received between 1 April 2020 to 30 September 2020 and settle by 30 November 2020. Offer available for Owner Occupier with Principal and Interest repayment and investment loans. One $1,000 Bonus Refinance Cashback for a new refinance application submitted online and received between 17 July 2020 to 27 August 2020 and settle by 30 September 2020. Offer available for Owner Occupier with Principal and Interest repayments with maximum LVR of 80%. Offer available on the Advantage Package and Basic Home Loans. Offer current as at 17 July 2020. Offer may be varied or withdrawn at any time. $250k min loan per property refinanced applies for the $2000 Refinance Cashback. Only 1 cashback per property refinance will be paid regardless of the number of loans involved. Only 1 bonus cashback will be paid regardless of the numbers of customers, properties or applications involved. Excludes Portfolio Loans, switches and refinances of home loans within the Westpac Group which include St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for Owner Occupier Interest Only loans, Investment Loans or residential lending originated under family or company trusts. Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. Applicants home loan repayments must be direct debited from this transaction account. Read the Bank of Melbourne transaction account terms and conditions and consider if the product is right for you. Refer to bankofmelbourne.com.au. The cashback will be paid into a Bank of Melbourne transaction account within 60 days of settlement. The transaction account must be linked to the home loan at the time of settlement and kept open for 60 days after settlement. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.

FAQs

How do these two Refinance Cashback offers work?

You may be able to get one or both of these offers, based on how you apply and whether you're living in your property (Owner Occupier).

$2,000 Refinance Cashback per property for applications received between 1 April – 30 Sept 20, and settled by 30 Nov 20. For applications submitted online, in branch, over the phone or with a broker. You can refinance any number of properties.
+ one-off $1,000 Bonus Cashback for Owner Occupiers applying to switch online between 17 July – 30 Aug 20, and settled by 30 Sept 20.

Example of how the two Cashback offers works:

Home loan scenario	Total cashback for eligible Investors	Total cashback for eligible Owner-Occupiers
I’m switching 1 property online	You’ll receive $2,000 Cashback $2k Refinance Cashback per property x1 Ineligible for $1k Bonus Cashback (Owner Occupier)	You’ll receive $3,000 Cashback $2k Refinance Cashback per property x1 + $1k Bonus Cashback x1 max
I’m switching 2 properties online	You’ll receive $4,000 Cashback $2k Refinance Cashback per property x2 Ineligible for $1k Bonus Cashback (Owner Occupier)	You’ll receive $5,000 Cashback (your other property is an investment) $2k Refinance Cashback per property x2 + $1k Bonus Cashback x1 max

Home loan scenario

Total cashback for eligible Investors

Total cashback for eligible Owner-Occupiers

I’m switching 1 property online

You’ll receive $2,000 Cashback

$2k Refinance Cashback per property x1
Ineligible for $1k Bonus Cashback (Owner Occupier)

You’ll receive $3,000 Cashback

$2k Refinance Cashback per property x1
+ $1k Bonus Cashback x1 max

I’m switching 2 properties online

You’ll receive $4,000 Cashback

$2k Refinance Cashback per property x2
Ineligible for $1k Bonus Cashback (Owner Occupier)

You’ll receive $5,000 Cashback (your other property is an investment)

$2k Refinance Cashback per property x2
+ $1k Bonus Cashback x1 max

The cashbacks will be paid into a Bank of Melbourne transaction account within 60 days of settlement. This account must be linked to your home loan at the time of settlement, and kept open for 60 days afterwards.

For the $2,000 cashback offer, tax consequences may arise for investors and you should seek independent advice.

What does ‘refinance’ and ‘Owner Occupier’ mean?

I’m an owner-occupier: can I get $3k cashback?

I’m an investor. Can I also get the $1k Bonus Cashback offer?

How do I know if I’m eligible?

For the $2,000 Cashback offer, you’ll need to meet these conditions:

It’s an Investment home loan on either interest only or principal & interest repayments, or an Owner Occupier home loan with Principal & Interest repayments
It’s either our Basic Home Loan, or a Fixed or Variable Rate home loan under our Advantage Package^*($395 annual package fee applies)
Loan size needs to be at least $250k .

Plus, for the one-off $1,000 Bonus Cashback offer, you’ll also need to meet these conditions:

It’s an Owner Occupier home loan with Principal & Interest repayments

Your application’s submitted online – don’t worry, we’ll save your progress and you can speak with a real expert 6 days a week
Your loan has an LVR up to 80% at time of formal approval – in other words, you've got at least 20% of your property’s bank valuation as a deposit
You apply before 27 August 20 and settle by 30 Sept 20.

Are there any exclusions?

Yes there are some. The $2,000 Cashback offer:

Excludes Owner Occupier home loans with Interest Only repayments
Excludes Portfolio Loans and residential lending originated under family or company trusts
Excludes home loan switches and internal refinances within the Westpac Group, including St.George, Bank of Melbourne, Westpac, BankSA and RAMS
Pays only one $2k cashback per property refinance, regardless of the number of loans involved.

The $1,000 bonus Cashback offer also:

Excludes Owner Occupier Interest Only loans, Investment Loans or residential lending originated under family or company trusts
Pays only one $1 bonus cashback, no matter how many customers, properties or applications are involved.

Do I need to apply online to get the $2k cashback?

How many times can I get the $1k Bonus Cashback offer?

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The Detail

Conditions, fees and credit criteria apply.

Based on Bank of Melbourne credit criteria, residential lending is not available for Non-Australian resident borrowers.

Before making a decision, it’s best to read the terms and conditions:

Residential Loan Agreement – General Terms and Conditions (PDF 1MB)

Portfolio Loan Agreement - General Terms and Conditions (PDF 186KB)

Loan Accounts – Charges for specific services and accounts (PDF 841KB)

Advantage Package - Terms and Conditions (PDF 112KB)

Please read these documents and keep a copy. You can request a paper copy at a branch.

The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it’s right for you. If you need help, call 13 22 66. Tax consequences may arise from promotions for investors and customers should seek independent advice on any taxation matters.

Property valuation: valuation is valid for 90 days. Your upfront bank valuation assessment may require further valuation assessment if your property does not fit lending guidelines.

Personalised rate: A variable rate loan discount is valid for 14 days and a fixed rate discount is valid for 5 days. All interest rates are subject to change.

Support and live chat: dedicated teams are here to help you 7 days a week. Available 8am-10pm Mon-Fri and 9am-5pm Sat-Sun.

^*Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

^#Advantage Package Terms and Conditions apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. An Advantage Package discount has been included in the advertised eligible rate. The discount and fee savings apply for the duration of the package. Before deciding to acquire a Bank of Melbourne transaction account, read the terms and conditions (PDF 112KB), and consider if the product is right for you.

⁺LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan. Any applicable LVR discount has been included in the advertised eligible rate.

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